Posted the chart below as Tuesdays quiz.  (see post here). 


The response from around the world was huge on this one. Thanks to all of the regulars who responded and a big Thanks to all who responded for the very first time!  The number of people who knew what the chart was, has never been higher!  Just a little warning…look out next quiz!  😉

Below is the answer from Thursday.  Since then it has been a wild few days to say the least.


Over a month ago I did a 30-year Fibonacci calculation (when gold stood at $1,641 per ounce) and it reflected that Gold should rally around $300 more, up to the $1,900 level and find some key resistance there. (see post here)  Gold hit this level on 8/22 for the first time in its history and then quickly backed off $200 per ounce.  Almost as quickly as it declined $200, it rallied back to the $1,900 level in quick order. 

The quiz was created two days ago as Gold was hitting this key Fibonacci level for the second time in a few weeks.  It would appear that this Fib level is really important, as Gold has become very volatile at $1,900. Is this a “double top” for gold in the chart above?  Could be! 

Gold remains in a solid rising channel that has been in place for 10 years and is an awesome “trade the range play” per buy at support and harvest at resistance…that is the way we have to look at this right now, per harvest at resistance and look to buy it back at support!

If Gold can punch through this Fib level, the next 30-year Fibonacci level comes into play around the $2,900 level, first discussed in this post of 8/19 (see post here)


How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past